"If the question now be asked, "How can the Government obtain the money which it formerly got by borrowing at interest?" the answer is very simple. It can direct the banks to create it not in the form of interest-bearing debt, and it can use anti-inflation taxation to collect, from time to time just as much of that money as may be necessary to prevent an excess from remaining in circulation beyond the total of goods and services available to be bought with it.
Money, it must never be forgotten, derives its value from the presence in the country of an adequate backing of goods and services. It does NOT derive any value from the fact that it was first created as interest-bearing debt, or, indeed, debt of any kind."

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